The whole concept of a hedging "loss" is a misnomer - that's like saying you made a loss on insurance because you didn't break your leg.... Or like saying you made a loss on Microsoft shares by not buying them in 1975.
Hedging is a tool to reduce volatility and enable airlines to better plan their cash flow needs - pretty important when a huge component of your costs fluctuates wildly.
In the long term hedging losses and gains should balance out, but of course there are no guarantees...
I must say though it's gone awfully quiet on the fuel front - don't see much mention of it in the updates anymore. And even at 44% percent hedging 66 % is unhedged meaning that there has been a HUGE decrease in one of the MAJOR expenses - it wasn't that long ago that Brent Crude was touching 140 USD/ barrel and now at 69 and heading down.
But what do we hear about? How tough the first half of the year was... I'm predicting substantially increased profits.